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Old 06-10-2010, 08:49 AM   #21
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Join Date: Oct 2005
Location: Texas
Posts: 15,419
Originally Posted by skyvue View Post
If your over 59.5 and your only source of income is withdrawals from your 401k, is that withdrawal amount taxed the same as if it were earned from working?
Yes, at least at the federal level -- IF the 401K distribution came from an account funded exclusively with pre-tax contributions.

Some states have special exclusions for certain types of retirement income, but in other states it is considered like any other ordinary income.

"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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